2002 Results 17 March 2003. © 2003 Management Consulting Group PLC All rights reserved 2002 Final...

2002 Results

17 March 2003

Agenda

• Introduction

• 2002 highlights

• Profit and loss account

• Balance sheet

• Issues

• Outlook

Project management

Peoplesolutions

Process improvement

The enhancement and design of processes to increase sales and reduce costs, overheads and capital expenditure

Behavioural analysis, training and communications to enhance skillsand embrace change

Tight, structured approach with measurable payback in predetermined timescales

“We are obsessed by measuring improvementsand your earnings enhancement”

Proudfoot Consulting—core service

Proudfoot installation

“Your annualised earnings enhancement will exceed our fee”

sustainability

“Can you afford not to discuss your issues with us?”

year 1

Proudfoot fees

Earnings enhancement

Proudfoot Consulting’s no net cash promise

Earnings enhancement

year 2

Clients

Parson Group business

• Financial management practice: Engagements in finance and business support (back office)

departments

• Ensures management information has: Greater reliability (higher accuracy, reduced risk) Greater speed (ability to make informed decisions faster) Cost effective production processes

Parson Consulting – core services

Finance:

Management reporting

Financial reporting

Process improvement

Budgeting and forecasting

Treasury management

Capital project control

Expense reduction

Activity based costing

Solutions to audit letters and due diligence reports

Technology applications:

Design

Selection

Software upgrades

Software implementations

Optimisation

Technology infrastructure:

Maximise benefits from current systems

Process change

Organisational change

ce ss c han

Finance and support services

ance an

ort s ervi ces

Parson Group - representative clients

Group structure

MCG will become an umbrella organisation for different consulting offerings

B Consulting

Central services

C Consulting

D Consulting(complementary to B)

Agenda

• Introduction

• 2002 highlights

• Balance sheet

• Issues

• Outlook

2002 highlights

• Turnover up 49% to £107.3 million (2001: £72.1 million) • Proudfoot Consulting turnover up 29% (2001 year: +34%):

Despite 10% depreciation of US dollar Compared with market growth of about 5% (2001: 10%)

• Parson Consulting, acquired on 28 May 2002, contributed turnover of £14.1 million and now stabilised

• Operating profit before goodwill amortisation of £7.6 million (2001: loss of £0.3 million excluding exceptional pension credit of £2.0 million)

• EBITDA of £9.2 million (2001: £0.9 million)• Cash of £21.9 million (2001: £18.9 million)• Return to dividend list – 0.5 pence per share (2001: nil)• Strong order input to date in 2003 will offset weak final quarter of 2002; most of

benefit will be seen in second half

Agenda

• Introduction

• 2002 highlights

• Balance sheet

• Issues

• Outlook

Profit and loss account

2002 2001

Geographical analysis: turnover

2002 2001£m Change £m

Proudfoot: North America 52.1 40% 37.3 Europe 34.6 15% 30.0 Africa 2.2 -33% 3.3 Asia Pacific 4.3 187% 1.5

93.2 29% 72.1

Parson 14.1 -

Total 107.3 49% 72.1

Geographical analysis: operating profit

2002 2001

Operating Operatingprofit/(loss) Goodwill Depn EBITDA profit/(loss) EBITDA

£m £m £m £m £m £mProudfoot North America 12.4 - 0.8 13.2 4.8 3.3 Europe (3.5) 2.0 0.6 (0.9) (3.5) (1.4) Africa (0.9) - - (0.9) (0.1) - Asia Pacific 0.3 - - 0.3 (1.1) (1.0)

8.3 2.0 1.4 11.7 0.1 0.9 Parson (3.8) 1.1 0.2 (2.5) - -

4.5 3.1 1.6 9.2 0.1 0.9

Results commentary - Proudfoot

• Revenue growth of 29% (2001: 34%) compared to market c. 5% (2001: 10%)

• North American business mainly outside financial sector

• European market slower to react to economic conditions than North America

• Africa and Asia Pacific dependent upon individual contracts

• Slowdown in business won in Q4 2002

• No softening of prices

• Continued penetration of multi-national businesses—average size of project £1.3 million (2001: £1.2 million)

Results commentary - Parson

• Revenue decline continued until October timeframe

• Stabilised business levels late in year but at unprofitable level

• Management changes commenced in November

• New York/Stamford and Los Angeles/Orange County combined

• Marketing commenced for Sarbanes-Oxley

Agenda

• Introduction

• 2002 highlights

• Balance sheet

• Issues

• Outlook

Balance sheet

2002 2001Fixed assets £m £m Intangible assets 73.6 35.7 Tangible assets 2.4 2.6 Investments 1.0 1.0

77.0 39.3 Current assets Debtors 8.3 10.2 Cash and cash equivalents 21.9 18.9

30.2 29.1 Creditors due within one year (25.2) (28.7)Net current assets 5.0 0.4

Creditors due after one year (5.0) (4.4)Provisions for liabilities & charges (2.7) (3.0)Retirement benefits liability (17.3) (12.2)Net assets 57.0 20.1

Commentary on balance sheet

• New equity issue raised £38.8 million in May 2002• Parson acquired for £38.5 million, related goodwill £40.3 million,

fully equity financed because loss making• Long term investments of £1.0 million comprise share scheme

associated with acquisition of IMR• Receivables 11 days (2001: 23 days)• Cash of £21.9 million (2001: £18.9 million)• Pension liability reflected on balance sheet £13.5 million (2001:

£7.3 million) together with post-retirement health care liability £3.8 million (2001: £4.9 million)

Agenda

• Introduction

• 2002 highlights

• Balance sheet

• Issues

• Outlook

Issues addressed in second half 2002

• Continued to strengthen sales executives• Closely monitored market requirements• Mail shots to increase meeting counts• Increased focus on past clients

• Repositioned to capitalise on market opportunity

• Clearer marketing material• Emphasised performance management• New incentive plans• Recruited more sales executives• Increased prices• Managed sales pipeline closely• Commenced management changes

• Cross referral programme between Parson and Proudfoot is bearing fruit

Issues to be addressed in first half 2003

• Strengthening of sales management

• Continue to strengthen European management

• Close monitoring of market requirements

• Continue to strengthen management• Capitalise on Sarbanes-Oxley• Continue to increase prices• Continue to closely manage sales• Sales effectiveness installation by

Proudfoot• Establish training courses• Improve management information

systems

• Continue cross referral programme between Parson and Proudfoot

• Continue to build order book for H2 2003

Agenda

• Introduction

• 2002 highlights

• Balance sheet

• Issues

• Outlook

2003 outlook

• Proudfoot: Cost reduction remains a priority for clients in difficult economic

conditions Proudfoot order book started year lower than previous year following

weak 2002 final quarter. Input in 2003 has been strong• Parson:

Sarbanes-Oxley engagements and opportunities now coming through

Revenue stable, expect growth in second half• Group:

Directors expect turnover growth to continue to out-perform consulting market

Directors remain optimistic about future growth

2002 Results 17 March 2003. © 2003 Management Consulting Group PLC All rights reserved 2002 Final...

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